Latest news with #BayofBengalInitiativeforMulti-SectoralTechnicalandEconomicCooperation
Hindustan Times
3 days ago
- Business
- Hindustan Times
Benefits of economic integration between India and Sri Lanka
This brief examines the importance of economic integration between India and Sri Lanka in fostering both nations' growth as well as regional stability. Their deep cultural, historical, and geographic ties support an evolving economic relationship driven by trade, investment, and connectivity. As Sri Lanka's largest trading partner and investor, India plays a pivotal role in its economic recovery, particularly following Sri Lanka's recent economic crisis. The brief highlights the mutual benefits of integration: Sri Lanka can access India's large and expanding market, attract Foreign Direct Investment (FDI), and leverage India's cost-effective energy solutions. India, for its part, can enhance its regional security, counter rival influences, and strengthen its strategic presence in the Indian Ocean region. Key opportunities include expanding trade agreements, investing in infrastructure and renewable energy ventures, and enhancing maritime connectivity. India and Sri Lanka, neighbouring countries in South Asia, share a unique economic relationship rooted in culture, geography, and history, and which has evolved over the decades. Their economic integration is crucial for both mutual growth and fostering regional cooperation within frameworks like the South Asian Association for Regional Cooperation (SAARC) and Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). This paper can be accessed here. This paper is authored by Talal Rafi, ORF, New Delhi.
The Hindu
7 days ago
- Business
- The Hindu
How will land ports closure impact the region?
The story so far: On May 17, the Directorate General of Foreign Trade shut down all land ports with Bangladesh for export of apparel (readymade garments) from Bangladesh. The order also shut down the northeastern land ports with Bangladesh to restrict the export of specific items from Bangladesh. The move is being interpreted as a fallout of the downturn in relations between New Delhi and Dhaka. The two sides are yet to develop a fully functional relationship after the fall of the Hasina government last August. What is the May order? Stopping import of readymade garments from Bangladesh through all land ports, the order said, 'Import from Bangladesh shall not be allowed from any land port; however, it is allowed through Nhava Sheva and Kolkata seaports.' That apart, the order also banned export of fruit, fruit flavoured drinks, processed food items (baked goods, snacks, chips and confectionery), cotton and cotton yarn waste, plastic and PVC finished goods except pigments, dyes, plasticisers, and granules, and wooden furniture from Bangladesh through land ports of Assam, Meghalaya, Mizoram and Tripura. The same goods were also banned from entering India through the land customs stations of Changrabandha and Fulbari. The order has clarified that import of fish, LPG, edible oil and crushed stone from Bangladesh will remain unaffected. What led India to issue this order? India said the order was aimed at ensuring reciprocity in trade with Bangladesh. On April 13, Bangladesh's National Board of Revenue imposed a ban on the import of cotton yarn from India through land ports. That apart, Bangladesh also stopped export of Indian rice through the Hili land port in West Bengal. Indian officials further said that Bangladesh had been carrying out aggressive checks of Indian trucks over the past several months. All these factors were taken into account in stopping the entry of readymade garments through Indian land ports. In all, there are 24 operational land ports between India and Bangladesh, and several other crossings are being developed. How is India justifying the decision? The order came into immediate effect on May 17, officials said. However, the order and the list of items on it are expected to be reviewed from time to time. The sea ports too are not expected to remain open for all items from Bangladesh as there will be mandatory checks and reviews of all items from Bangladesh exported through Indian sea ports. The Indian side further claimed that Bangladesh has been cherry-picking issues and that several comments by top leaders indicated that they were treating the northeast as a 'captive market' for Bangladesh's products, while Indian goods are not being given transit. Citing Prime Minister Modi's speech on the northeast, Indian officials said the northeast is integral to the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation). The 'equal market space now available in the resource-rich northeast is expected to give a fillip to manufacturing and entrepreneurship in the region under the Atmanirbhar Bharat schemes and policies,' they said. How has Bangladesh responded? Bangladesh has not issued any official response so far though off the record Bangladeshi officials have expressed disappointment over the way this step was initiated by the Indian side. They said Bangladesh was not intimated about Indian plans and that they got to know of the decision through media reports which caught traders and transporters unawares. To India's accusation of Bangladesh unilaterally stopping India's cotton yarn and rice exports, Bangladesh officials said that these moves were enforced to control corruption on their side. Commerce Adviser S.K. Bashir Uddin of the interim government of Bangladesh has said a preliminary review is on about the impact that the Indian order will have on the economic prospects of Bangladesh. He said that in terms of furniture and agro products, the impact on Bangladesh will not be widespread, but the impact on readymade garments is likely to be significant. Will India's order affect Bangladesh's trade with Nepal and Bhutan? India claims that the order will not affect Bangladesh's trade with Nepal and Bhutan. However, it is understood that overland trade blockade will naturally impact flow of orders from Bangladesh to Nepal because of frequent disruption. The order has also created a ripple effect making investment planners careful before venturing into Bangladesh. Is the decision to shut land ports part of a larger issue between India and Bangladesh? Indian officials say the order is a 'message to Bangladesh' in response to remarks regarding India's northeast made by interim government chief Mohammed Yunus in China during the March 26-29 visit, which were unacceptable. In a meeting with Chinese business houses, Prof. Yunus had described the northeast as a 'landlocked' region that is suffering from developmental bottlenecks, urging China to access the region through Bangladesh. He had pitched Bangladesh as the 'guardian of the ocean' suggesting that Bangladesh's coastline is available to China to develop industrial and commercial links with India's northeast. Indian officials have said that the closure of land ports (Integrated Check Posts and Land Customs Stations) is also a message to the interim government of Bangladesh which has warmed towards Pakistan, accused of exporting cross-border terrorism to J&K. Indian officials said the order to restrict readymade garments was taken as it will affect nearly $700 million worth of textile exports from Bangladesh to India. Though it is a small part of the total $50 billion worth of exports from Bangladesh, it is expected to send a message to the global community about Bangladesh's moves.
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First Post
20-05-2025
- Business
- First Post
Macron rejects Bangladesh's request for bilateral with Yunus next month, Dhaka cancels trip
Yunus was all set to fly down to France to attend the Third United Nations Ocean Conference to be held next month after Dhaka requested for a bilateral meeting between Macron and Yunus read more Muhammad Yunus, chief adviser of the Government of Bangladesh, attends the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 23, 2025. File Image/Reuters French President Emmanuel Macron has rejected plans for a bilateral meeting with Bangladesh's Chief Advisor Muhammad Yunus on the sidelines of an international summit slated for next month. According to a report by the Economic Times, Yunus was all set to fly down to France to attend the Third United Nations Ocean Conference to be held next month after Dhaka requested for a bilateral meeting between Macron and Yunus. France, however, refused the proposal, following which Yunus had to cancel his trip to the country, in a development that is being seen as a setback to the interim government's global outreach. STORY CONTINUES BELOW THIS AD The conference will be in Nice from June 9, and the French president has planned to host the participants for dinner the day before. Why did France cancel the meeting? Sources in Dhaka told the news outlet that after receiving an invitation from France, Bangladesh actively sought to organise a bilateral meeting between President Macron and Yunus. However, French officials conveyed that numerous countries attending the conference had already requested bilateral meetings, leaving no room to accommodate an additional one. France has reportedly said that it does not want to hold bilateral meetings during the summit and is keen on Yunus attending the ocean meet. France was interested in understanding the specific objectives of the proposed bilateral meeting and was not in favour of holding it merely for formality. Although Bangladesh had previously shown interest in purchasing civilian aircraft from France, there has been no significant progress on that front. Yunus' global outreach Yunus has been trying to snag meetings with prominent leaders from across the world to consolidate Bangladesh's position as the situation in the country took a turn for the worse following the dismissal of Sheikh Hasina's government. Last month, Yunus met Prime Minister Narendra Modi on the sidelines of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit in Bangkok. This was the first time PM Modi met Yunus.
Nikkei Asia
05-05-2025
- Politics
- Nikkei Asia
Bay of Bengal emerges as a microcosm of a multipolar world
TOKYO -- In a scene open to interpretation as either a celebration of diversity or a sign of disunity, the leaders of seven Bay of Bengal nations -- each clad in distinct national or formal attire -- lined up for a group photo during last month's summit in Bangkok. The image stood in stark contrast to the choreographed displays at ASEAN summits, where leaders typically don matching batik shirts and link arms in a symbolic gesture of unity. On April 4, these leaders met in person for the first time in seven years, convening in the Thai capital for a summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), a regional bloc that bridges South and Southeast Asia. The gathering offered a revealing glimpse into the region's complex and often fraught political landscape.
The Print
21-04-2025
- Business
- The Print
Yunus initiates ‘mango diplomacy' in bid to strengthen ties with China. 50-yr water sharing plan soon
During the meeting with Yao, Yunus said, 'I'll send a basket of fresh mangoes to President Xi myself,' as Bangladesh looks to strengthen ties with China. Yunus travelled to China at the end of last month, before attending the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit in Bangkok, where he had a bilateral meeting with Prime Minister Narendra Modi. 'Chief Adviser Professor Muhammad Yunus met with the Chinese Ambassador Mr Yao Wen at the State Guest House Jamuna on Saturday… Both sides reaffirmed their commitment to launching a long-term, 50-year master plan on water management, including work on the Teesta River system,' read the statement by the chief adviser's office. New Delhi: Muhammad Yunus, the head of Bangladesh's interim government Sunday initiated Dhaka's version of 'mango diplomacy' with Beijing, while reaffirming the two nations' keen interest in launching a 50-year master plan on water management. As tensions rose between New Delhi and Dhaka, Bangladesh's interim leader chose China for his official state visit, during which Yunus called for more Chinese investments in Bangladesh, to make the South Asian country an extension of Beijing's economy, highlighting its position as the 'only guardian' of the ocean in the region, and saying that India's Northeast is 'landlocked'. 'Our top priority now is to move forward with the plans we discussed during the China visit…We want to make sure momentum is not lost,' Yunus told the Chinese ambassador to Bangladesh. Bangladesh working with China on a water management plan, especially on the Teesta river, is of strategic concern for India. The two countries had almost reached an agreement on the sharing of Teesta waters in 2011, but due to Indian domestic concerns, the deal had fallen through. About half a decade ago, Sheikh Hasina, the now ousted prime minister of Bangladesh, was also considering a $1 billion project with China to transform the river. However, the focus for Dhaka at the time was a water sharing deal with New Delhi. Ties between India and Bangladesh cratered sharply over last week, with India withdrawing the transshipment facility for Bangladeshi goods to use Indian land ports, ports and airports to export goods to third countries. New Delhi cited congestion at its facilities as the main reason to rescind this facility for Dhaka. A person familiar with the matter pointed out that the withdrawal of the facility comes after a spate of decisions taken by Dhaka to impact trade between the two countries, specifically the ban on imports of Indian yarn announced last week by Bangladesh, the recommended closure of three land ports, and the introduction of more physical verification of Indian imports by the Benapole Customs House. As the diplomatic chill continues, Yunus has also been seeking Beijing's aid in the development of Dhaka's healthcare sector. Healthcare space has been a cornerstone of India-Bangladesh ties. 'The Chinese side reaffirmed their commitment to building a 1,000-bed hospital in Bangladesh, as initially proposed during the China visit. They also highlighted ongoing support in establishing a specialised burn unit in Chittagong,' said the statement released by Yunus's office. Beijing will also 'expedite' medical visas for Bangladeshis, given the perception that such visas have been harder to come by for Bangladeshi nationals to travel to India for medical purposes. Yunus's initiation of 'mango diplomacy' comes roughly 70 years after India first sent eight mango saplings to Beijing, as a part of New Delhi's own efforts to sweeten ties between the two countries. Yunus's efforts also mirror Pakistan's 'mango diplomacy' of the 1960s with China. While India-China ties have remained complicated despite the 'mango diplomacy' of the 1950s, Islamabad's gift of the golden fruit created a positive frenzy in Beijing in 1968. (Edited by Mannat Chugh) Also Read: 'Focus on protecting own minorities'—India to Bangladesh after Yunus govt condemns Murshidabad violence
